Notes to SEFA
Title: Note A - Basis of presentation
Accounting Policies: Note B- Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, whereas certain types of expenditures are not allowable or are limited as to reimbursement. Booth Residence, Inc., a Georgia Corporation has elected not to use the 10- percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Booth Residence, Inc., a Georgia Corporation, HUD Project No.: 061-11293, under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). For the year ended September 30, 2024, no awards were passed through to subrecipients.
Title: Note C - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Note B- Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, whereas certain types of expenditures are not allowable or are limited as to reimbursement. Booth Residence, Inc., a Georgia Corporation has elected not to use the 10- percent de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Booth Residence, Inc., a Georgia Corporation has received a U.S. Department of Housing and Urban Development insured loan under Section 207 pursuant to Section 223(f) pursuant to Section 223(a)(7) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Booth Residence, Inc., a Georgia Corporation received no additional loans during the year. The balance of the loan outstanding at September 30, 2024 consists of: See the Notes to the SEFA for chart/table